BUYER AGENCY

Buying a Home in British Columbia

To win as a Buyer you must have Agency representation equal to or better than the party you're buying from. The height of foolishness would be to have the Seller's Agent prepare your offer to purchase. Engage your own experienced Buyer Agent to represent you at the negotiating table and your odds of winning go way up.

The first thing a seller does on entering the market is select an Agent, sign a Seller Agency contract (commonly known as a listing) and then stick with that Agent to the exclusion of all others for the duration of the contract. Astute buyers seeing the obvious benefits of Buyer Agency are now doing likewise.

Buyer Agent's services and expertise are almost always completely FREE of charge. Surprisingly many buyers neglect to take advantage of this valuable resource preferring to read the ads, make the phone calls and do all the leg work themselves. In so doing, they risk tipping their hand to someone who's job is to get the seller the highest possible price. Surprisingly these same buyers will tell you they only want to deal with the listing Agent in the mistaken belief that they will somehow be able to negotiate a better price if only one Agent is involved in the transaction.

As a buyer you must keep in mind that if the Agent with whom you are working is the seller’s Agent, any information you give to him or her may be passed along to the seller. Discussions with the seller's Agent must be strictly limited to only those things you would say if you were speaking directly to the seller.

Your personal Buyer's Agent will provide you with up to the minute information on the market, check for new listings daily (including homes that may not be actively listed) negotiate the lowest price and best possible terms for you and you alone. He will then get paid by sharing in the commission paid by the Seller to his Agent.
This is the perfect win-win for you as a Buyer - Service, Information, Expertise and most important, Confidentiality, free of charge to you as a Buyer!

Engaging your own Buyer's Agent easily resolves a common complaint heard from Buyers - annoyance at numerous Agents calling and soliciting their business.    Buyers who call only their own Agent don't have this problem as other Agents are not even aware they're looking to buy!



WHAT TO LOOK FOR IN A BUYERS AGENT

Experience and market knowledge - as with most professions, experience pays. In a real estate transaction the dividends of experience can be huge. An experienced agent knows the community, the market, the marketing process and how to negotiate and write a contract that fully protects your interests.

Credibility and dedication to service - your agent should share expertise and market knowledge with you in an honest, straightforward manner. You want a full-time accredited professional whose livelihood depends entirely on their ability to successfully and repeatedly close real estate transactions. Be prepared to give your loyalty in return for service. Your agent should deliver market information and new listings on a regular basis. Regular feedback from you at this point is vitally important for your Agent to gauge the level of service you require - every buyer has a different timetable.

Professional Designations - these are a good indication the Agent has achieved a level of expertise and commitment that goes well beyond just obtaining a licence to sell real estate! Many of the same questions connected with seeking out professional assistance in any field - doctor, lawyer or accountant - come into play when selecting an Agent to represent you. Accredited Buyer Agents are generally elite professionals who adhere to strict standards of buyer protection. The fact that a Realtor is a Buyer Agent doesn't mean they don't also represent sellers, it simply means they have a higher level of education and expertise in all aspects of negotiating and preparing contracts. You want them on your side of the table whether you are buying or selling!


WHAT SHOULD YOUR AGENT EXPECT OF YOU?

Loyalty and regular feedback, nothing more - ALWAYS call your own Agent for information about any home that interests you, no matter who the home is listed with!

When information is delivered, provide immediate feedback, whether the property interests you or not. This is especially important when they have taken time to research the market and prepare a report especially for you. You have an unsalaried self employed business person working for you free of charge - let them know you appreciate their efforts and they'll likely work twice as hard. Of course the nicest way to say "Thank You" is to refer your friends when they want to buy or sell!

Once you have selected your Agent be fair to any others who offer their service. Tell them you are already represented so they can focus on working with buyers who actually need their help.



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